He said that the country's debt will be equivalent to 39.7 percent of the Philippine economy, which is still below the 50 percent threshold that markets consider sustainable.

"It has to increase because we are building infrastructure. The savings have to be used for production, which means that you set a side a certain percentage of income for investment in goods that will allow us to produce more, like building roads, airports, and bridges," Beltran said.

Beltran also downplayed the effects of the weakening peso on the country's external debt, saying it is reasonably acceptable.

The country's debt stood at P6.345 trillion as of May this year, 7.8 percent higher than the P5.885 trillion in the same period in 2016.